Explain the connection between cost competition between firms and technical change?…

Explain the connection between cost competition between firms and technical change. In your answer, explain the difference between superprofits (or technical rents) and the normal rate of profit in an economy. Also in your answer you should refer to at least ONE of the following:

  1. Marx’s concept of socially necessary labour time
  2. Schumpeter’s theory of “creative destruction.”

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